Tankan survey beats expectations as Abe readies tax hike

|By:, SA News Editor

Japan Tankan large manufacturing index: 12 versus 7 expected and 4 in the quarter through June.

The print was the highest reading since December of 2007.

This is welcome news for Prime Minister Shinzo Abe as he prepares to raise the sales tax to 8% from 5% — upbeat economic news reinforces the idea that the Japanese economy can withstand the tax hike.

Japan August household spending: -1.6% versus +0.1% expected.

Nikkei +1%, yen -0.39% to ¥98.59.

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